Crypto Myths Debunked: What's Really True
Many myths and half-truths surround cryptocurrencies. We clear up the 20 most common ones and show you what's really behind them.
Myth 1: "Crypto is only for criminals."
Fact: False. While anonymity was previously used for illegal activities, blockchain transactions (especially on Bitcoin) are transparent and traceable. Major analytics firms like Chainalysis show that the share of criminal activity is negligible compared to the traditional financial system.
Myth 2: "Bitcoin has no real value."
Fact: The value of Bitcoin comes from several factors: its absolute scarcity (maximum of 21 million coins), its decentralization (no control by a single entity), its security, and its growing acceptance as a store of value, similar to digital gold.
Myth 3: "Crypto is a bubble that will soon burst."
Fact: The crypto market is very volatile and goes through cycles of strong growth ("bull markets") and sharp corrections ("bear markets"). While individual projects can fail, the underlying blockchain technology has proven to be resilient and continues to evolve.
Myth 4: "Crypto is too complicated for beginners."
Fact: Getting started used to be complicated, but today it has become very easy thanks to user-friendly apps and exchanges (like the ones recommended on this site). You don't need to be a tech expert to buy your first coins.
Myth 5: "Bitcoin consumes too much energy."
Fact: Energy consumption is a valid point of discussion. However, the Bitcoin network is increasingly using renewable energy and is often more efficient than the traditional banking and gold mining systems. Technologies like the Lightning Network drastically reduce the energy required for small transactions.
Myth 6: "NFTs are just overpriced JPEGs."
Fact: You can also take a photo of the Mona Lisa, but that doesn't mean you own it. The NFT is the tamper-proof proof of ownership on the blockchain. This proof is what constitutes the value, not the image file itself.
Myth 7: "You need a lot of money to invest."
Fact: False. You don't have to buy a whole Bitcoin. You can purchase fractions (called "Satoshis"). With savings plans, you can invest long-term with small monthly amounts (e.g., €25).
Myth 8: "Crypto will soon be banned by governments."
Fact: While some countries have strict rules, the trend in most Western nations (including the EU with the MiCA regulation) is towards regulation, not prohibition. Clear regulation creates legal certainty and promotes adoption.
Myth 9: "Crypto is not secure and is often hacked."
Fact: The blockchains themselves (like Bitcoin or Ethereum) are extremely secure and have never been hacked. The hacks you read about almost always happen on centralized exchanges or through user errors like phishing. That's why self-custody in your own wallet is so important.
Myth 10: "It's too late to get in now."
Fact: Although prices have risen, the global adoption of crypto is still at a very early stage. Compared to traditional asset classes like stocks or gold, the market is still tiny and has a lot of growth potential.
Myth 11: "Crypto is a pyramid scheme."
Fact: A pyramid scheme requires new investors to pay off the old ones and has no real product. Bitcoin and Ethereum have a clear utility (decentralized money, decentralized applications) and their value is based on supply, demand, and technology, not a pyramid structure.
Myth 12: "You can get rich overnight."
Fact: While there are stories of quick wealth, these are the absolute exception and often involve extreme risk (e.g., with memecoins). For most people, crypto is a long-term investment. Anyone promising quick money is usually a scammer.
Myth 13: "All altcoins are scams."
Fact: There are many dubious projects, but also many legitimate altcoins with innovative technology and clear use cases (e.g., Solana for fast transactions, Chainlink for data oracles, etc.). The key is to separate the wheat from the chaff (DYOR).
Myth 14: "Cryptocurrencies aren't real because you can't touch them."
Fact: Most money today is digital and exists only as a number in your bank account. The value of money is based on trust and acceptance. Cryptocurrencies are digital assets whose authenticity and ownership are verifiably proven by the blockchain.
Myth 15: "The technology is too new and untested."
Fact: Bitcoin has existed since 2009 and has proven to be extremely robust and secure. The network has been running without interruption for over a decade. Many of the underlying technologies are therefore already very well-tested.
Myth 16: "If I lose my seed phrase, support can help me."
Fact: Absolutely false and extremely dangerous! With decentralized wallets, there is no "support" that can reset your password. If you lose your seed phrase, access to your coins is lost forever. You are your own bank.
Myth 17: "NFTs have no value because you can just take a screenshot."
Fact: You can also take a photo of the Mona Lisa, but that doesn't mean you own it. The NFT is the tamper-proof proof of ownership on the blockchain. This proof is what constitutes the value, not the image file itself.
Myth 18: "Crypto is unregulated and the Wild West."
Fact: That used to be the case. Today, there are clear regulations for exchanges and crypto service providers in many regions, especially in the EU (with the MiCA regulation). This creates more security for investors.
Myth 19: "Transactions are anonymous."
Fact: Most blockchains (like Bitcoin) are pseudonymous, not anonymous. Every transaction is public and permanently stored on the blockchain. Once a wallet address is linked to a real identity (e.g., through an exchange), all transactions can be traced.
Myth 20: "You have to be a trader to be successful in crypto."
Fact: On the contrary. Most traders lose money in the long run. The most successful and simplest strategy for most people is long-term holding (HODL) or regular saving (DCA), without reacting to short-term price fluctuations.